PTT Oil and Retail
OR: Rising Sales and Healthy Margin in 2Q22
Equity Bottom-Up
165 Views, 19 May 2022 11:13
EXECUTIVE SUMMARY
- Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E
- Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth and healthy marketing margin.
- The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.
detail (14-minute read)
WHAT’S TRENDING
Rising
Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie...
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